Jaguar Cars has jumped on the insurance boom, with prices increasing by more than 50% over the past year and a half.

The company’s chief executive officer, Alain Mitterrand, told a news conference in New York on Monday that premiums had increased by $50,000 in the past three months alone.

The latest increase is the first since September, when premiums jumped by a further 20%.

The average cost for a year-round Jaguar was $18,000, while the average price for an emergency vehicle was $15,800.

The carmaker has also slashed its prices by a third in the last year, down to around $5,000 from $7,000.

It is also selling a range of new and used vehicles, including a range-topping sports car.

Jaguar is also working to develop a new premium-based car insurance product, which could come into effect next year, according to Mr Mitterrant.

The move comes as Jaguar has been hit with a massive legal settlement with US consumers over the carmaker’s emissions scandal.

The deal, which includes the largest class action settlement ever, was approved in September by the US District Court for the Northern District of California, which means that the company could face a total of more than $40 billion in fines.